Pune, India, June 22, 2023 (GLOBE NEWSWIRE) -- The global foot orthotic insoles market size was USD 3.62 billion in 2022. The market is anticipated to expand from USD 3.96 billion in 2023 to USD 6.26 billion by 2030 at a CAGR of 6.8% over the estimated period. The growth is due to the soaring prevalence of chronic disorders. Additional factors propelling industry expansion comprise robust clinical studies and an escalation in technological advancements.
Fortune Business Insights™ cites this information in its research report, titled “Foot Orthotic Insoles Market, 2023-2030”.
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Key Industry Development:
September 2021 – Footbalance System Ltd. announced a partnership with IGPL. The deal would help Footbalance to accelerate its growth and favor business expansion.
Key Takeaways:
- Cancellation of Orthotic Appointments Exerted a Negative Impact on Global Market in 2020
- Increased Strategic Initiatives by Prominent Players to Drive Growth Trajectory
- Escalating Prevalence of Chronic Foot Ailments with Favorable Policies Pertaining to Reimbursement to Impel Market Growth
- Technological Advancements in Foot Orthotic Insoles to Augment Market Growth
- High Costs of Custom Insoles with Limited Penetration Rate in Emerging Countries to Impede Market Growth
- Robust Portfolio of Hanger Inc. and Implus LLC to Aid these Companies to Market Dominance
List of Key Players Mentioned in the Report:
- Implus Footcare LLC (U.S.)
- Hanger Inc. (U.S.)
- Aetrex Worldwide, Inc. (U.S.)
- Footbalance System Ltd. (Finland)
- Tynor (India)
- Digital Orthotics Laboratories Australia Pty Ltd. (Australia)
- Thuasne (France)
- Foot Science International (New Zealand)
- OttoBock (Germany)
- Superfeet Worldwide, Inc. (U.S.)
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.8% |
| 2030 Value Projection | USD 6.26 Billion |
| Base Year | 2022 |
| Foot Orthotic Insoles Market Size in 2022 | USD 3.62 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 172 |
| Segments covered | By Type, Material, Application, Age and Distribution Channel |
Drivers and Restraints:
Market Growth to be Impelled by Rising Prevalence of Chronic Foot Ailments
One of the key factors impelling the foot orthotic insoles market growth is the surging prevalence of chronic foot ailments. The market growth is further driven by the escalating demand for customized insoles.
However, the market expansion could be hampered by the high costs associated with limited rate of penetration.
COVID-19 Impact:
Industry Value Affected Due to Cancellation of Orthotic Appointments
The pandemic period impacted the revenues of major industry players. The market growth was impacted on account of the cancellation of orthotic appointments across various regions. However, the business growth was sustained by the usage of digital technologies such as digital imaging and 3D scanners. The period also recorded the purchase of orthotic insoles by leading e-commerce portals without the risk of exposure to coronavirus.
Segments:
Customized Insoles to Dominate Owing to Robust Product Demand
On the basis of type, the market is subdivided into customized and prefabricated. The customized segment dominated the market share. The surge is due to the growing technological advancements and increasing preference for customized foot insoles.
Ethyl-vinyl Acetate (EVA) Segment to Lead Propelled by Easy Availability of the Product
By material, the market for foot orthotic insoles is fragmented into foam, thermoplastics, composite carbon fiber, ethyl-vinyl acetate (EVA), and others. The ethyl-vinyl acetate (EVA) segment is anticipated to exhibit the highest share over the study period. The expansion is on account of easy availability of the product.
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Medical Segment to Register Substantial Surge Owing to Rising Prescriptions
By application, the market is subdivided into sports & athletics, personal, and medical. The medical segment is set to depict the largest share throughout the estimated period. The surge is propelled by the rising clinical evidence supporting product deployment in decreasing the pain associated with various disorders.
Adult Segment to Gain Traction Driven due to Growing Prevalence of Chronic Pain
By age group, the market for foot orthotic insoles is bifurcated into pediatrics and adults. The adults segment is poised to register a considerable surge over the projected period. The growth is due to the surging prevalence of chronic pain, arthritis, diabetes, and others.
Hospital Pharmacies to Exhibit Appreciable Growth due to Favorable Health Reimbursements for Prescribed Products
By distribution channel, the market is subdivided into retail stores, hospital pharmacies, and online stores. The hospital pharmacies segment is slated to dominate the market over the forecast period. The expansion is due to the soaring awareness and growing demand for customized solutions.
By geography, the market has been analyzed across North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage:
The report offers a comprehensive analysis of the major trends impelling the global industry scenario over the projected period. It further gives an account of the vital factors propelling the business prospects over the forthcoming years. Other aspects include the pivotal steps undertaken by leading industry participants for strengthening the positions of their businesses.
Regional Insights:
North America to Register Substantial Growth due to Rapid 3D Printer Adoption
The North America foot orthotic insoles market share is anticipated to depict lucrative expansion throughout the forecast period. The surge is on account of the escalating adoption of 3D printers for the production of customized insoles.
The Europe market is estimated to register appreciable growth over the analysis period. The rise is due to the increasing government efforts for enhancing public awareness regarding foot care.
Competitive Landscape:
Major Companies Enter into Collaborative Deals to Strengthen Industry Position
Leading industry participants are centered on adopting an array of strategic initiatives for the consolidation of their market positions. These include collaborations, partnerships, and the development and rollout of new solutions. Additional initiatives comprise an escalation in research activities and the development of new products.
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Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Technological Advancements in Foot Orthotic Insoles
-
- Key Startups With Funding Overview
- Pricing Analysis, Key Market Players
-
- Key Industry Developments (Mergers, Acquisitions, Collaborations, etc.)
- Impact of COVID-19 on the Market
- Global Foot Orthotic Insoles Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
-
-
- Prefabricated
- Customized
-
-
- Market Analysis, Insights and Forecast – By Material
-
-
- Thermoplastics
- Ethyl-vinyl Acetate (EVA)
- Foam
- Composite Carbon Fiber
- Others
-
-
- Market Analysis, Insights and Forecast – By Application
- Medical
- Sports & Athletics
- Personal
- Market Analysis, Insights and Forecast – By Age Group
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Stores
- Online Stores
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Application
- North America Foot Orthotic Insoles Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
-
-
- Prefabricated
- Customized
-
-
- Market Analysis, Insights and Forecast – By Material
-
-
- Thermoplastics
- Ethyl-vinyl Acetate (EVA)
- Foam
- Composite Carbon Fiber
- Others
-
-
- Market Analysis, Insights and Forecast – By Application
- Medical
- Sports & Athletics
- Personal
- Market Analysis, Insights and Forecast – By Age Group
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Stores
- Online Stores
- Market Analysis, Insights and Forecast – By Country
- Market Analysis, Insights and Forecast – By Application
-
-
- U.S.
- By Type
- Canada
- By Type
- U.S.
-
- Europe Foot Orthotic Insoles Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
-
-
- Prefabricated
- Customized
-
-
- Market Analysis, Insights and Forecast – By Material
-
-
- Thermoplastics
- Ethyl-vinyl Acetate (EVA)
- Foam
- Composite Carbon Fiber
- Others
-
-
- Market Analysis, Insights and Forecast – By Application
- Medical
- Sports & Athletics
- Personal
- Market Analysis, Insights and Forecast – By Age Group
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Stores
- Online Stores
- Market Analysis, Insights and Forecast – By Application
-
- Market Analysis, Insights and Forecast – By Country/Sub-region
- Germany
- By Type
- U.K.
- By Type
- France
- By Type
- Italy
- By Type
- Spain
- By Type
- Rest of Europe
- By Type
- Germany
- Market Analysis, Insights and Forecast – By Country/Sub-region
Toc Continue…
FAQs :
How big is the foot orthotic insoles market?
- The global foot orthotic insoles market size was valued at USD 3.62 billion in 2022 and is projected to grow from USD 3.96 billion in 2023 to USD 6.26 billion by 2030, exhibiting a CAGR of 6.8% during the forecast period.
What are the key factors driving the foot orthotic insoles market?
- The increasing prevalence of chronic foot ailments, strong focus on clinical studies proving the efficacy of these products in various ailments, and technological advancements in the global market are driving the market growth.
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